Heat 2 tablespoons olive oil in a large pot over medium heat. Cook and stir pancetta in the hot oil until browned, about 4 minutes. Add onion and garlic to the pancetta; continue to cook and stir until fragrant, about 1 minute. Stir carrot, celery, and red bell pepper into the pancetta mixture; cook until the carrot softens slightly, about 3 minutes. Sprinkle basil, oregano, coriander, and black pepper over pancetta mixture; stir to season evenly.

Pour wine over the pancetta mixture. Increase heat to medium-high and cook until the liquid reduces by about half.

Quickly stir tomato puree into pancetta mixture; add chopped tomatoes. Cook and stir the mixture until the tomatoes begin to break down into a sauce, about 5 minutes. Reduce heat to low and simmer until the sauce thickens, 60 to 90 minutes.

Heat 2 tablespoons oil in a large skillet over low heat. Cook and stir meatballs in batches in hot oil until evenly browned and cooked through, 5 to 7 minutes; drain on a plate lined with paper towel.

Gently drop meatballs into the simmering sauce; cook together until meatballs are heated through, about 10 minutes.